Here's Why Aerohive Is Rocketing Higher
Shares of Aerohive Networks Inc (NYSE: HIVE) have seen rapid appreciation in Tuesday's afternoon session. The equity popped on heavy volume, easily surpassing the average daily volume of the past three months by almost 2000 percent.
Shares have rallied 35 percent on the news that, "Aerohive will provide the Wi-Fi infrastructure as part of Apple's deployments, supporting Apple-provided devices and giving reliable access to content and curriculum. This includes Aerohive 802.11ac wireless access points, switches and cloud-based management."
The infrastructure placement is part of Apple Inc.'s ConnectED initiative.
Although exact revenues and accretive rate are not currently available, Catharine Trebnick, who covers Aerohive for Dougherty & Co LLC is bullish on the news. She told Benzinga the move "suggests that Aerohive has executed nicely outside its normal sphere."
Trebnick has a Buy rating on the stock, which was most recently up 33 percent at $6.55.
Latest Ratings for HIVE
|Feb 2017||JMP Securities||Downgrades||Market Outperform||Market Perform|
|Dec 2016||DA Davidson||Initiates Coverage On||Buy|
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